Tirupur Exporters’ Association (TEA) has launched a new medical insurance scheme, claimed to be the first in India, with an insurance coverage of Rs. 1 lakh with a payment of Re. 1 per day to the labours.

The scheme “Mediplus 365”, having a premium of Rs. 365 per person per annum will be executed by Edelweiss Insurance Brokers Ltd, Mumbai through New India Insurance Company.

The insurance company will take care of medical expenses and apart from this, the accident coverage of Rs. one lakh is also available to the insured person, a TEA released said today.

An employee can insure his family members such as parents, wife and children, in this group insurance scheme, it said.

The Association, through its Consortium Purchase Sub Committee, empanelled four insurance brokers Edelweiss Brokers Ltd, Zeal Insurance, Om Maruthi Insurance and Indian Insurance Broking to analyze the existing general insurance policies such as fire accident, flood, marine, stock and machinery breakdown taken by the TEA members and based on the advice given by the concerned insurance brokers, the members of TEA can restructure their premium amount and coverage, it said.

This would help the units to rectify the issues and the template has been designed to suit Tirupur units. This would also help to remove the deficiency occurred due to less knowledge on the insurance.

TEA President Raja M. Shanmugham has appealed the association members to utilise both schemes and get benefit out of it, the release said.